17 July 2024
Bitcoin developer Samson Mow has for a while now continued to assert that BTC is going to reach $1 million. He has again reaffirmed his bullish stance and mentioned when exactly the flagship crypto will hit this unprecedented price target.
When Bitcoin Will Rise To $1 Million
Mow mentioned that he is still certain that Bitcoin will reach $1 million and added that the flagship crypto will reach this price target within a year. Mow had previously explained why he believes that BTC can reach such an ambitious price target. Back then, he alluded to the fact that Bitcoin’s demand was outpacing its supply.
He also highlighted the Bitcoin halving which he noted was going to bring about a supply shock for the crypto token. Based on these reasons, Mow expects BTC’s price to “react accordingly” as demand continues to outpace supply. The Bitcoin maximalist also mentioned the Spot Bitcoin ETFs, which have been accumulating a significant amount of the BTC supply, as another factor that would contribute to BTC’s meteoric rise.
Mt. Gox’s Bitcoin repayment is an event that is believed could impact the crypto’s price negatively since it could lead to more Bitcoin supply dumped on the market. However, Mow doesn’t believe that is going to happen. He mentioned that only about 20% of the defunct crypto exchange’s BTC will hit the market while the remaining 80% will be moved to cold storage or borrowed against.
Mow also had something to say about when exactly the crypto bull run will begin. He mentioned that the bull run starts when Bitcoin is at $100,000. He added that the recent market downtrend is just the “unwinding of the fakery to make retail think Bitcoin is over.” Based on predictions made by crypto analysts like PlanB, BTC could hit $100,000 this year.
Interestingly, PlanB also shares a similar sentiment to Mow that Bitcoin can hit $1 million by next year. He claimed that the crypto token could rise to this price level based on the stock-to-flow (STF) indicator.
More Conservative Price Targets For BTC
Other crypto analysts have given more conservative price targets for Bitcoin in this bull run, although a major consensus seems to be the fact that the flagship crypto will more than likely rise above $100,000. Crypto analyst Mikybull Crypto once mentioned between $138,000 and $150,000 as “optimal targets for Bitcoin in this bull run.”
Crypto analyst Cryptorphic also mentioned that BTC could rise to as high as $156,000 by next year, while Skybridge Capital CEO Anthony Scaramucci expects Bitcoin to rise higher and reach $170,000 sometime in 2025. Cryptoquant’s CEO Ki Young Ju predicted that BTC could reach $265,000 in this market cycle based on the Hashrate/Market Cap ratio, which he claimed supports such a parabolic rise.